Item 3B2Reference
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MONTHLY FINANCIAL REPORT
December 2021
= Negative Variance of > 4% compared to seasonal trends.
Positive
Negative
PERFORMANCE AT A GLANCE
Year to Date 3 year Trend
Positive
PERFORMANCE INDICATORS
Positive
Warning
Permit Revenues
Positive Positive
Departmental Expenditures Summary Positive
= Negative variance of 1-4% compared to seasonal trends
= Positive variance or negative variance <1% compared to seasonal trends.
GENERAL FUND
PositiveGeneral Fund Exp. Vs. Rev.
Sales Tax Revenue (2 months prior activity)
Property Tax Revenue
Positive
Positive Positive
Positive
City of Southlake Monthly Financial Report 1 1/13/2022
National GDP:
Housing Starts:
Housing starts in November were at a seasonally
adjusted rate of 1,173,000, which is 11.3% above the
revised previous month figure of 1,054,000.
11.3%
UNEMPLOYMENT RATES
3.9%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for November 2021 (preliminary)
decreased to 3.9% when compared to 4.2% in October
2021.
3.9%
State-wide:5.2%
The Texas Unemployment rate for November 2021
(preliminary) decreased slightly to 5.2% from 5.4% in
October 2021.
DFW Area:
ECONOMIC INDICATORS
NATIONAL ECONOMY
FINANCIAL ACTIVITY2.3%
GDP is defined as the output of goods and services
produced by labor and property located in the United
States, The Bureau of Labor and Economic Analysis
reported that the estimated GDP for the 3rd quarter of
2021 increased at a rate of 2.3%. In the 2nd quarter of
2021, GDP increased at a rate of 6.7%.
The National Unemployment rate for December 2021
decreased to 3.9% when compared to 4.2% in
November 2021.
National:
5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
2018*2019*2020*2021*2022*
New Construction permit values
*October -December
City of Southlake Monthly Financial Report 2 1/13/2022
GENERAL FUND
FY 2022
REVENUE
FY 2022
EXPENDITURE VARIANCE
Oct 3,333,411$ 2,430,309$ 903,102$
Nov 2,540,299$ 3,030,028$ (489,729)$
Dec 8,053,296$ 4,373,754$ 3,679,542$
Jan -$ -$ -$
Feb -$ -$ -$
Mar -$ -$ -$
Apr -$ -$ -$
May -$ -$ -$
Jun -$ -$ -$
Jul -$ -$ -$
Aug -$ -$ -$
Sep -$ -$ -$
Tot 13,927,006$ 9,834,091$ 4,092,915$
POSITIVE
FY 2022 FY 2021 FY 2020
Oct 1,613,415$ 1,299,576$ 1,278,635$
Nov 1,652,674$ 1,084,677$ 1,309,584$
Dec -$ 1,926,407$ 1,993,686$
Jan -$ 1,256,119$ 1,360,873$
Feb -$ 978,395$ 1,011,429$
Mar -$ 1,727,925$ 1,162,936$
Apr -$ 1,470,896$ 1,038,287$
May -$ 1,262,973$ 1,153,263$
Jun -$ 2,586,036$ 1,375,636$
Jul -$ 1,449,136$ 1,190,064$
Aug -$ 1,427,525$ 1,233,673$
Sep -$ 1,687,605$ 1,416,226$
Tot 3,266,089$ 18,157,270$ 15,524,291$
GENERAL FUND REVENUE VS EXPENDITURES 2022
OVERALL FUND PERFORMANCE:
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2022-2020 COMPARISON
CHART OUTLOOK:
CHART OUTLOOK:
The outlook for the year is positive as overall revenues and expenditures are on target with budget. The revenues are higher than expenditures by approximately $4.1M.
Year to date sales tax collections are trending above FY 2021 (37.0%)and FY 2020 (26.2%)collections.November sales were 52%and 21%above November collections for FY 2021 and FY 2020,respectively.
November collections included an audit adjustment which represented 12%of collections for the month.Year to date collections are above budget for the year therefore the outlook is considered positive.Staff will continue
to closely monitor collections.
POSITIVE
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
FY 2022 FY 2021 FY 2020
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2022 REVENUE FY 2022 EXPENDITURE 2021 EXPEND.
City of Southlake Monthly Financial Report 3 1/13/2022
GENERAL FUND
FY 2022 FY 2021 FY 2020
Oct 653,703$ 778,578$ 790,236$
Nov 2,017,203$ 1,582,957$ 1,426,054$
Dec 6,068,454$ 6,036,699$ 9,161,119$
Jan -$ 13,167,125$ 10,088,389$
Feb -$ 4,445,041$ 4,237,797$
Mar -$ 411,151$ 420,930$
Apr -$ 259,058$ 55,958$
May -$ 152,945$ 105,567$
Jun -$ 389,839$ 448,670$
Jul *-$ (1,365,991)$ (1,457,677)$
Aug -$ 52,655$ 52,000$
Sep -$ 190,848$ 28,446$
Tot 8,739,360$ 26,100,905$ 25,357,489$
POSITIVE
FY 2022 FY 2021 FY 2020
Oct 214,445$ 50,043$ 134,067$
Nov 185,109$ 69,734$ 238,528$
Dec 94,663$ 102,515$ 135,168$
Jan -$ 88,737$ 204,931$
Feb -$ 76,270$ 212,195$
Mar -$ 150,142$ 126,842$
Apr -$ 124,870$ 188,968$
May -$ 136,364$ 128,791$
Jun -$ 158,786$ 148,103$
Jul -$ 170,985$ 152,920$
Aug -$ 217,599$ 69,101$
Sep -$ 221,982$ 246,547$
Tot 494,217$ 1,568,027$ 1,986,161$
PERMIT REVENUE 2022-2020 COMPARISON
CHART OUTLOOK:
REVENUE ANALYSIS (continued)
PROPERTY TAX 3 YEAR TREND
CHART OUTLOOK:
2022 YTD property tax collections ($8,736,360)are approximately 4.06%higher than 2021 YTD ($8,398,234)and 23.19%less and 2020 YTD ($11,377,409)as of December.As indicated on the chart,the majority of the
property tax revenue is collected in the first few months of the fiscal year. YTD collections are trending slightly below budget.
* Net transfer of TIF revenues to TIF
fund
The value of new construction permits ($31.7M+)issued for FY 2022 YTD is approximately 10.4%and 15.4%higher when compared to FY 2021 and FY 2020,respectively.FY 2022 collections are 122.3%higher and
2.7% lower when compared to FY 2021 and 2020, respectively. The permit revenue year to date is trending above budget therefore the outlook is considered positive.
POSITIVE
$(4,000,000)
$(2,000,000)
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul *Aug
FY 2022 FY 2021 FY 2020
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2022 FY 2021 FY 2020
City of Southlake Monthly Financial Report 4 1/13/2022
FY 2022 ACTUAL
YTD (DECEMBER)
FY 2021 ACTUAL YTD
(DECEMBER)
FY 2022 BUDGET
YTD (DECEMBER)FY 2021 % SPENT
242,831$ 184,946$ 278,439$ 87.21%
172,205$ 150,401$ 194,555$ 88.51%
1,267,970$ 1,192,384$ 1,864,539$ 68.00%
129,188$ 126,003$ 175,984$ 73.41%
4,199,768$ 4,133,727$ 5,225,583$ 80.37%
64,897$ 36,491$ 75,983$ 85.41%
659,551$ 487,188$ 786,568$ 83.85%
183,037$ 173,567$ 239,515$ 76.42%
757,528$ 623,075$ 911,382$ 83.12%
503,012$ 511,613$ 652,360$ 77.11%
881,398$ 913,897$ 1,277,077$ 69.02%
772,710$ 745,653$ 937,303$ 82.44%
9,834,095$ 9,278,945$ 12,619,288$ 77.93%
EXPENDITURE ANALYSIS
POSITIVE
(134,453)$
46,796$
1,025,815$
11,086$
127,017$
56,478$
153,854$
CSO
DPS
ED
FIN
HR
IT
DEPARTMENTAL EXPENDITURES SUMMARY
(21,804)$ 22,350$ COMM
BUDGET VARIANCE
35,608$
596,569$
8,601$
32,499$
(27,057)$
(555,150)$
As indicated above,2022 expenditures are above 2021 expenditures for the same period with a increase of 5.98%primarily due to DPS expenditures eligible for CARES/grant funding in FY 2021.The outlook is positive
expenditures are below budgeted expenditures for the fiscal year.
FY 2021/2022 YTD
VARIANCE
(57,885)$
(75,586)$
(3,185)$
(66,041)$
(28,406)$
(172,363)$
SS
Totals
PW
CMO
CS
2,785,193$
CHART OUTLOOK:
164,593$
395,679$
(9,470)$
149,348$ PDS
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
CMO COMM CS CSO DPS ED FIN HR IT PDS PW SS
FY 2022 ACTUAL YTD (DECEMBER)FY 2021 ACTUAL YTD (DECEMBER)FY 2022 BUDGET YTD (DECEMBER)
City of Southlake Monthly Financial Report 5 1/13/2022